Global Fatty Alcohol Market Predicted to Garner USD 8.4 Billion at a CAGR of 6.3% in the Forecast Period
Published | 06 September 2021
The global fatty alcohol market is growing at a high CAGR because of the increasing demand for bio-based renewable products to promote sustainability and control dependence on non-renewable products such as petrochemicals...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global fatty alcohol market was worth USD 5.5 billion in the year 2020. The market is estimated to grow at a CAGR of 6.3%, earning revenue of around USD 8.4 billion by the end of 2027. The global fatty alcohol market is gaining significant traction because of the increasing demand for bio-based renewable products to promote sustainability and control dependence on non-renewable products, such as petrochemicals. Fatty alcohol is produced from plant-based products, which makes them biodegradable; this is a primary factor boosting its market demand. The flourishing production and demand for surfactants and personal care products, such as soaps, detergents, laundry softeners, textile coatings, agricultural chemicals, etc., worldwide are also emerging as a significant growth factor for the global fatty alcohol market. However, the frequent fluctuation in prices of raw materials such as palm oil in fatty alcohol production is restraining the market growth.
Expanding Textile Industry Is Expected to Boost the Market Demand of Fatty Alcohol
The growing use of fatty alcohol in the textile sector, particularly for the preparation and treatment of silk and wool, is one of the primary drivers of global fatty alcohol market growth. The fatty alcohol ethoxylates produced by them are used in scouring and as emulsifiers. Fatty alcohol is also widely used in dye leveling and as wetting agents. With the flourishing textile industry and application of advanced technology to meet the growing demands of the customers, the market for fatty alcohol is projected to grow at a high rate.
Increasing Demand for Renewable and Bio-Based Products Is Projected to Drive the Global Fatty Alcohol Market Growth
Consumption of eco-friendly products is on the rise as environmental concerns grow. In light of such factors, chemical manufacturers are increasingly turning to bio-based raw materials for their products. Fatty alcohol is traditionally made from vegetable oils and other plant sources. They are claimed to emerge as an effective substitute for fossil fuels and other non-renewable resources. Because of its higher energy density, high cetane number, and low vapor pressure, it is expected to grow in popularity as a replacement for traditional fuels like diesel and jet fuel. Compared to their petroleum-based substitutes, fatty alcohols derived from oleo are recyclable and less toxic. These are most commonly used for manufacturing personal care products. Pharmaceutical & personal care industries use these fatty alcohols to reduce respiratory problems and skin irritation.
Global Fatty Alcohol Market - By Application
Based on applications, the global fatty alcohol market is segmented into industrial & domestic cleaning, plasticizers, food & nutrition, personal care, pharmaceutical formulations, others, and lubricants. The industrial and domestic cleaning segment holds the largest market share because of its high demand for manufacturing soaps and detergents. The availability of a wide range of soaps and detergent products for wide applications plays a significant role in propelling the fatty alcohol market growth. On the other hand, the personal care segment is likely to witness the highest CAGR during the forecast period because of consumers’ growing consciousness towards personal hygiene and appearance. Products like lipsticks, shower gel, conditioners, and soaps have witnessed a prolific surge in their demand in recent years, which is expected to drive the global fatty alcohol market as well.
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Global Fatty Alcohol Market - Regional Insights
Geographically, the global fatty alcohol market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region accounts for the largest market share. However, North America also covers a substantial share in the market, followed by Europe. The growing demand for surfactants and personal care products in these regions is one of the major factors contributing to the growth of the fatty alcohol market. The increasing awareness of personal hygiene and the availability of a wide range of products from manufacturers are significant factors influencing the demand for fatty alcohol in these regions.
Impact of COVID-19 on the Global Fatty Alcohol Market
The abrupt onset of the COVID-19 pandemic has had a negative impact across industries. Several countries were forced to implement total lockdown, which impeded manufacturing and industrial activities while restricting distribution networks. As a result, the global fatty alcohol market had to face a sudden slump in its market. Due to production issues and high demand for particular items such as soaps, shampoos, and sanitizers, the market faced a massive demand and supply mismatch, resulting in significant losses for manufacturers. However, with global vaccination campaigns in full swing worldwide, the global fatty alcohol market is likely to recover quickly in the post-COVID-19 timeframe.
The Global Fatty Alcohol Market is Highly Fragmented
The leading players in the global fatty alcohol market are Air Liquide, Wilmar International Ltd, Arkema SA, VVF LLC, Croda International PLC, SASOL, Eastman Chemical Company, Procter & Gamble, Ecogreen Oleochemicals, Oleon NV, Emery Oleochemicals, Musim Mas Holdings Pte. Ltd, KLK OLEO, Godrej Industries Limited, BASF SE, Royal Dutch Shell, SABIC, Berg + Schmidt, Oxiteno, and other prominent players.
The market is considered fragmented with the presence of several global and regional market players. The industry players focus on cutting their production cost and establishing plants in areas with better availability of raw materials. They also adopt competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., to stay ahead in the competition.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global fatty alcohol market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global fatty alcohol market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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